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  • Maturity Benefits For Different Term Life Insurance Plans

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    Life Insurance
    • Claim up to Rs. 1,50,000 deduction under section 80C*
    • Insurers provide online renewal of policy
    • Choose between annual and monthly premium payment options

    Term insurance plans are basically protection plans. They are particularly designed to protect your family against unforeseen circumstances. These are three types of term insurance plans available in India which include - increasing benefit, level benefit and decreasing benefit. A term insurance plans is a must for the bread winner of a family and for those whose health is not in a good condition.

    Maturity Benefits

    Maturity benefits refers to the amount received by a policyholder or nominee when a policy matures. A tem insurance policy needs to be active or in force to avail these maturity benefits. Term life insurance policies may include the followings as maturity benefits:

    • The basic sum assured.

    • Accrued guaranteed additions and vested simple reversionary bonuses (if any).

    • Terminal bonus (if applicable).

    Term Insurance With Maturity Benefit India

    The term life insurance plans with maturity benefits are slightly different form the traditional life insurance plans. Normally, a traditional term insurance policy does not offer any direct maturity benefits to the policyholder. They only provide death benefits when a policyholder dies within the policy term.

    So, if any buyer/policyholder wants to have maturity benefit, he/she can opt for a TROP (Term Return of Premium) plan. A term return of premium plan provides income replacement and refund the premiums at maturity, apart from offering all benefits of a traditional term life insurance plan. A TROP plan is a variant of pure term insurance plan and ensures maturity benefits, if the policyholder survives till the end of policy tenure.

    Key Features of Term Plans With Maturity Benefit

    The term life insurance plans with maturity benefits or term return of premium plans come with a lot of attractive features. Listed below are the key features of term life insurance plans with maturity benefits:

    Free-look period

    15 days for manually purchased policy

    30 days for policies purchased online.

    Entry Age

    Minimum entry age:18 years

    Maximum entry age: 65 years

    Grace period

    15 to 30 days based upon policy modes. Usually, 15 days for monthly mode policies and 30 days for other modes.

    Plan type

    Term insurance plans offers flexibility in terms of choosing a plan. One can choose a plan on single life basis or joint life basis.

    Premium paying term

    Single pay, Limited pay and Regular pay.

    Age at maturity

    25 year/ 65 years/ 75 years to whole life. Differ from policy to policy.

    Policy revival

    The policy can revived within two years from the date of unpaid premium.

    Premiums

    Based on sum assured and age of the applicant.

    Nomination

    Term life insurance policies with maturity benefits accept nomination.

    Premium paying frequency

    Yearly/ monthly.

    Sum Assured

    Vary from policy to policy offered by various life insurance companies.

    Policy coverage

    Death benefits and maturity benefits.

    Policy term

    Minimum- 5 years

    Maximum – 30-35 years

    Benefits of Term Insurance With Maturity Benefit

    The term life insurance plans with maturity benefits offer a number of attractive benefits which include:

    • Death Benefits: Term insurance plans offer death benefits to designated nominees. The nominees will receive these death benefits, if the life assured dies within the policy tenure.

    • Maturity Benefits: Normally, traditional life insurance policies don’t offer maturity benefits. But term return of premium life insurance policies offer maturity benefits by returning the total amount of premiums paid so far, provided a policy is continued till the end of term.

    • Tax Benefits: A policyholder can enjoy tax benefits over the premiums paid for term life insurance plans with maturity benefits. The premiums paid and the amount received are exempted from income tax assessment under section 80C and 10 (10D) of the Indian Income Tax Act, 1961.

    • Term life insurance plans with maturity benefits also offer additional riders such as Critical Illness and Accidental Death or Disability riders.

    • Term life insurance plans come at affordable premiums rates.

    Top 5 Term Insurance Plans With Maturity Benefit India

    Listed below are some of the term life insurance plans in India that come with maturity benefits.

    1. LIC Jeevan Pramukh: This is an Endowment Assurance term life insurance plan offered by Life Insurance Corporation of India. The plan provides financial protection against death throughout the policy term and provides maturity benefits, provided the policyholder holder survives till end of policy term. The policy would pay the sum assured accompanied by accrued guaranteed additions, vested simple reversionary bonuses and terminal Bonus( if any) in a lump-sum as maturity benefits.

    2. MetLife Suraksha TROP: It is a non-participating term life insurance plan offered by PNB MetLife. The plan not only provides life insurance coverage at nominal cost, it also offers the total of all premiums paid along with guaranteed additions.

    3. Max Life Premium Return Protection Plan: This is a term insurance plan with maturity benefits offered by Max Life Insurance Company. The plan not only protects your family against eventualities, it also returns all your premiums paid at maturity.

    4. Aviva iShieldPlan: This is an online non-linked non participating term life insurance plan offered by Aviva. The plan provides guaranteed survival benefits/ money back benefits at maturity which is 110% of total premiums paid.

    5. Tata AIA Life Insurance iRaksha TROP: This is an online term return of premium plan which a returns all total premiums paid, if the policyholder survives till the end of policy term.

    How to Choose The Best Term Insurance Plans With Maturity Benefits

    In order to choose the best the term life insurance plan with maturity benefits, you need to shop around and do a primary research. Then, compare the plans available in the insurance market and pick up a one based on your requirement.

    MATURITY BENEFITS RELATED ARTICLES

    Term Insurance Plans For Couples

    Term insurance is one of the most preferred type of insurance that many people seek today. This is mostly because of the benefits it offers, which include pure risk protection at an affordable price. Couples who are looking to purchase an insurance policy have the option of either going in for a single life insurance policy or a joint life insurance policy.

    In this article, we bring to you some important information about both these types of policies and also some important points of distinction between joint and single life insurance policies on various crucial parameters. You can also read about some term insurance policies which are available specially for couples as well . Read More...

    Things You Should Know About Term Insurance Plan Premium Calculators

    Those of us who have taken a loan must be familiar with a loan EMI calculator. But did you know, you can also find out the approximate premium you have to pay on your term insurance plan with the help of a term insurance premium calculator? Just like for loans, now you can take the help of an online premium calculator to find out how much an insurance plan is going to cost you.

    The working of these calculators is simple and the user is required to provide some policy related information such as their name, age, date of birth, plan type, sum assured, policy term, premium payment term, riders, and other related data. If you too are looking to get a term insurance plan, you will find this article helpful as it talks about some of the important features and benefits which these premium calculators offer and how they work. Read More...

    Top 10 Best Performing Term Insurance Plans In India

    Planning for the future is something which many of us avoid doing till the very last moment. However, as we grow older, our responsibilities not only towards our own selves but also our family members change. If you are looking after dependent family members, it is a part of your responsibility to ensure that your dependent family members are financially secure if something were to happen to you. For this purpose, a term insurance plan is the best life insurance option available for you.

    As you would know, term insurance is also considered to be the purest form of insurance which provides cover against the risk of death. This is a simple and easy to understand insurance plan which offers adequate financial protection to your loved ones if you were to pass away unpredictably.

    Not only that, you can also opt for a number of riders which can enhance the coverage provided by your term plan. Here, we have compiled a list the top 10 best performing term insurance plans in India. You can read about each plan in brief to get an idea about what each plan has to offer in terms of benefits, so you can decide which one is best suited for your needs. Read More...

    Term Insurance Vs. Endowment Policy

    Life insurance has become a must-have in today’s times which can help provide much-needed protection to our dependents in case of an uncertainty. For those looking to purchase a life insurance policy, there is no dearth of choices. To address diverse needs, there are different types of life insurance policies that are available, such as, endowment policies, term insurance policies, unit linked insurance policies, and more.

    For those who may be considering between an endowment policy and a term insurance policy, we bring a very helpful comparison between the two in this article. Read about the basic differences between these two policies on various parameters such as who they are ideal for, benefits associated with each policy, sum assured, etc., so you can decide which one is best for you. Read More...

    Term Insurance Plan with Maturity Benefits Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have a life insurance with LIC. The policy name is JEEVAN ANAND and the tenure period is 20 years. After the maturity, I will get a good return. I am using the LIC service for 2 years. The payment mode is net banking. The policy coverage and the plan benefits are happy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Its Good for Children"
      0.5 5.0/5 "Blown Away!"
      I have Child plan took for my kid, I need to pay the premium around Rs. 10,000 on monthly basis., he will get 26 lakhs after 20 years of old. This policy has locking period I need to pay for 16 years after 20 years my son can avail the benefits its good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Good life cover with better Benefits"
      0.5 5.0/5 "Blown Away!"
      I took two policy from policy. I like Jeevan anand policy, I have pay the amount of Rs. 10 lakhs for the total term of 16 years then I get the insurance amount of Rs. 20 lakhs called matured benefits., they are providing life cover upto Rs.10 lakhs.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have take my life insurance policy from Life insurance corporation of India. The policy cover with all benefits like illness coverage, i use to pay my premium through credit card or debit card, i am happy with the benefit they have provide me i use to pay premium in every 4 quarterly month , i have been holding various different policy with LIC.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • LIC Life Insurance
      "Best personal insurance policy"
      0.5 5.0/5 "Blown Away!"
      My life was insured with Money back policy. They are having a accidental benefits. Because of the trust in LIC i have chosen with this company. The policy has been covered with accidental and death benefits. I am going to get a first cashback by next month. I have purchased this policy in 2014.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I'm using the LIC app hence i make the payment through the digital method. I have taken my life insurance policy with Life insurance corporation of India. I pay the premium amount of Rs. 4200 for combining of 4 policies. This is a tax benefits policy. Total tenure period of the policy is 20 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2018
    • LIC Life Insurance
      "Its Good"
      0.5 4.0/5 "Great!"
      The customer service is okay, when we want to any information regarding the policy, they wont explain it properly. I used to pay the premium amount around Rs. 2500 on monthly basis and it has total term of 21 years. After 10 years I get the matured benefits.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 17, 2018
    • Kotak Life Life Insurance
      "Recommendbale term life"
      0.5 5.0/5 "Blown Away!"
      Its one of the best policy with Kotak Mahindra on my term plan, it has low cost with better benefits. For any incident they are providing life cover and they have good claim settlement and renewal. Premium I used to pay around Rs. 12,500 it has term of 24 years for 1 crore coverage.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 17, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have take my life insurance policy from Life insurance corporation of India. The policy cover with all benefits like illness coverage, i use to pay my premium through credit card or debit card, i am happy with the benefit they have provide me i use to pay premium in every 4 quarterly month , i have been holding various different pocily in LIC.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • HDFC Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using the HDFC Life Insurance policy for a while. they charge nominal premium for this policy it also offers accidental benefits and I make payment at the branches. so in terms of features and their service it has been a good experience with them. HDFC Life is a recommendable insurance provider.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Future investment"
      0.5 4.0/5 "Great!"
      I have taken a life insurance policy through an agent many years back. It is a long term policy for 20 years. The policy coverage and the plan benefits are satisfactory. I am paying yearly 8,000 rupees through cheque. The payment mode is convenient. After maturity, I will be getting good return.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Necessary policy for any human being"
      0.5 4.0/5 "Great!"
      I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
      Was this review helpful? 0
      , faridabad
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I took a life insurance policy with LIC recently before 2 months. It is a Jeevan Slab policy. It was taken for future and tax benefits. They provided a proper service. The policy period is 10 years and the maturity value is more than 6L. The payment mode is cheque and gonna change to ECS. Am paying Rs.6500 quarterly.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance with LIC. It is a long term policy. The policy name is JEEVAN JOTHI and the tenure period is 20 years. The policy coverage is 45L and will get benefits as 40% of the premium. I am paying quarterly around Rs.12,500 through cash. The agent is very good and helpful.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 16, 2018
    • Future Generali Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have a life insurance with Future Generali. It was taken by my Father and not sure about the policy benefits. It is a long term policy. I am paying between 12K to 13K yearly. I pay the premium by cheque. It was taken in 2016. I do get sms and emails for due date.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with LIC from last 10 years and it is a long term policy. I am happy with the returns and benefits of this policy. Net banking is easy to make premium payments i pay it every year. The maturity period for this life insurance policy is 20 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I am having a Jeevan anand policy with LIC since 2012, i get a sum assured of Rs 5 lacs in this policy. Every quarterly i pay my premium through online and the payment options are good. I am happy with the returns and benefits of this policy and the tenure period is 21 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have a term plan policy with LIC. It was taken in the year of 2009. The tenure period is 10 years and almost 9 nine years completed. Every 4 years, I got some maturity amount. It is a money back policy. The policy coverage and benefits are good. For one year, the premium is Rs.2800.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 15, 2018
    • SBI Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I took a life insurance with SBI Life and it was taken 4 years. I have chosen the policy because am holding a salary account with SBI. The policy coverage and the plan benefits are better. I pay the premium through cash. Am paying monthly 600 rupees as a premium.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Nov 15, 2018
    • LIC Life Insurance
      "Due reminder should be timely"
      0.5 4.0/5 "Great!"
      I do have one or two life insurance policy with LIC. It was taken long back, its a long term policies. I am paying around 5000 quarterly. It is a conventional policy and I will getting a maturity benefits. I am making the payment through online. The premium reminder update is not that good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 13, 2018
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